Q Funding calls for another special meeting to vote on rules for Cedar Fair board nominations

Q Funding calls for another special meeting to vote on rules for Cedar Fair board nominations

Posted Friday, February 4, 2011 12:58 PM | Contributed by Jeff

Stymied by Cedar Fair LP's corporate rules that do not allow its shareholders to nominate candidates for its board of directors, Q Investments is once more calling for a special shareholders meeting to remedy the situation. They want a special meeting for a vote on a proposal permitting shareholders to nominate board directors.

mlnem4s

Friday, February 4, 2011 2:34 PM

Q needs to "man up" and lay out EXACTLY WHAT THEIR AGENDA is and quit acting like thugs trying to change every rule in their favor so that unit holders have a clear picture of what the future of Cedar Fair can and should be and make educated votes based on FULL DISCLOSURE. At this point I think a lot of us can see that Q is no better than Dick Kinzel and hopefully in all of this drama one day soon someone with true INTEGRITY will come in an lead Cedar Fair to better days.

Pagoda Gift Shop

Captain Hawkeye

Friday, February 4, 2011 10:13 PM

No, PGS, their agenda is to divert cash flow to unitholders. Getting rid of DK (who wants to pay down debt first) is the means, not the end. If DK slashed capex, ignored the debtholders and diverted the $$$ to the distribution Q was would be bff with DK.

Agent Johnson

Q-Funding, and all their hedgefund glory, is getting old within the park community. They want more money, and also, they have ZERO business involved in Cedar Fair's operations. Period.

I like Kinzel personally, but, I do not like all his decisions. He has a compnay to run, and as a human being, he makes good and bad decisions. Q-tips need to go away, and let Cedar Fair take care of their own house.

maXairMike

Saturday, February 5, 2011 12:41 AM

I will say that I'm not as big a fan of Q overall as I was at first. However, getting Kinzel out the door or his ability to control what goes on diminished is the first and biggest step towards keeping Cedar Fair in a good position. That much hasn't changed. Q's actions as of late though, do not seem to sit entirely well with unit-holders, and I can understand the hesitancy. I'm still a "wait and see" person, but if I were a unit holder, I would definitely be closer to the "lay it all out on the table, right now." side.

Captain Hawkeye

Saturday, February 5, 2011 11:25 AM

maXairMike said:I will say that I'm not as big a fan of Q overall as I was at first. However, getting Kinzel out the door or his ability to control what goes on diminished is the first and biggest step towards keeping Cedar Fair in a good position. That much hasn't changed.

I must disagree.

1) DK maintained capex. Will Q do that or slash it and divert the $$$ to unitholders?

3) DK is committed to the parks business. How fast do you think Q would close the parks and sell the land if they thought they could make more $$$?

If getting DK out is followed by replacing him who is only interested in sucking money out of CF, then "the first and biggest step towards keeping Cedar Fair in a good position" would be followed by bigger steps in the wrong direction. Blind faith that whatever follows DK must be better is not remotely justified.

Jeff

Saturday, February 5, 2011 3:09 PM

Q won't do anything. They don't have any daily decision making capability. Why is this so lost on people? Furthermore, there's a balance that has to be made as well between getting the distribution that Q wants and maintaining the long-term integrity of the company. The only reason they have any influence at all is because they're a huge unit holder, and obviously they'll want to sell those units eventually. Devaluing the company and causing the price to tank is not in their best interest.

ApolloAndy

Sunday, February 6, 2011 9:07 AM

Jeff said: The only reason they have any influence at all is because they're a huge unit holder, and obviously they'll want to sell those units eventually. Devaluing the company and causing the price to tank is not in their best interest.

Unless the "eventually" is right after the distribution is reinstated, but before the actual long term impact kills the company.